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Technology Stocks : AremisSoft Corporation (AREM)
AREM 0.10000.0%Aug 17 4:00 PM EDT

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To: Sir Auric Goldfinger who wrote (671)11/12/2009 2:29:28 PM
From: StockDung   of 683
Multi-millionaire who bankrolled Miss World competition jailed for laundering proceeds of Wall Street share scam
By Jaya Narain and Claire Ellicott

Business tycoon Trevor Baines, 69, who was named on the Sunday Times Rich List, and his wife Wendy, 50, were involved in a massive share swindle.
The so-called 'pump and dump' scam used false accounting details and completely fictitious market reports to hugely inflate the value of the shares of companies which were then sold off at a massive profit.
Trevor Baines (left) has been jailed for six years for his part in a Wall Street share scam; his wife Wendy was given a suspended nine month sentence

The tycoon was accused of transferring around £111million from Switzerland to bank accounts in the Isle of Man, where he lived, whilst knowing or suspecting the huge sums of money were the proceeds of crime.
Baines and his wife Wendy Nicolau de Almeida Baines, 50, were both convicted following a five-week trial on the Isle of Man.
And yesterday Baines was jailed for six years while his wife received a suspended nine month sentence for their part in the scam.
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The Isle of Man Court heard it was one of the largest cases of money laundering ever seen on the island.
Acting Deemster Peter Birkett told Baines: 'As far as the Isle of Man is concerned it will not become a safe haven for dirty money.

'Anyone engaged in money laundering can expect to receive a substantial period in custody.'
The financier, who was ranked 349th on the Rich List in 2008 alongside rock stars Eric Clapton and Phil Collins, made a £130million fortune from private banking and trading.
A view of St Moritz: Baines mixed with celebrities in the resort in Switzerland
He ran his company from his £2.75million Victorian villa in Douglas on the tax haven island and lived a luxury lifestyle.
Baines mixed with celebrities in the businessman's playground of St Moritz in Switzerland, and claimed to know Pippa Middleton, the sister of Prince William's girlfriend Kate.
But he and his wife became involved in a complex share scam on Wall Street with a Greek businessman.
The £111m funds had been amassed by Roys Poyiadjis, the crooked senior executive of American software firm AremisSoft, the court heard.
Baines admitted playing a leading role in the transfer of the money but he denied knowing that Poyiadjis was a crook or that the money had been obtained fraudulently.
The Isle of Man Bank rejected a $200 million transfer when staff grew very suspicious about where it had come from.
But the money was accepted by Flemings bank after its managers flew out to Monte Carlo to meet with Poyiadjis and were satisfied by his account.
Baines was convicted of holding assets on Poyiadjis's behalf and transferring funds to the Isle of Man, which he denied.
He and his wife also denied creating a bogus invoice to cover up missing money from AremisSoft's contract with the Bulgarian health service.
Officials on the tax haven of the Isle of Man warned yesterday that scams affected the island's international reputation.
Poyiadjis is awaiting sentence in the US for his part in the share scam.
Detective Chief Inspector John Mitchell, head of the Isle of Man Police Financial Crime Unit, said: 'This was a very lengthy and complex investigation involving multiple jurisdictions across the world and we are extremely happy with the result.
'The six year sentence sends out a message globally that the Isle of Man will not be a safe haven for laundered money.
'The logistics of such an investigation would test any law enforcement authority, and I am very proud and pleased that our unit has been able to undertake and complete this massive four-year investigation to a successful conclusion.'

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